The only signal that results in pay-rises is whether people are leaving to get higher pay elsewhere. This is the signal that tells an employer that "the market

The only signal that results in pay-rises is whether people are leaving to get higher pay elsewhere. This is the signal that tells an employer that "the market" is valuing people more and so you should pay more to keep them. Inflation based pay rises are a myth, in that the company is giving a pay rise because the rest of the market is giving pay rises and that delicate balance between retaining people and losing people can be upset. Should you leave to find something better paid elsewhere? Sure... if money is all that drives and motivates you. But it's not always the case geographically that you have options, and remote work remains somewhat limited for the majority of people. If people leave my employer will that bump my salary? Sure... if enough people leave and their exit interviews all reveal this "we are under valued and I can earn more down the road" pattern. If people leave for a myriad of personal reasons then the company has no evidence that the market is paying more and they should bump their salaries in return. Even then, it will happen next year as this stuff takes time to build the evidence and result in the change. Inflation based pay rises were not what you thought they were, and now inflation is rising it's plain to see.